NCELL SHARES TRANSFER TAX PROVISIONS ISSUE

pbsansansar

 

Ncell was the first private company to operate public GSM services in Nepal, initially under Mero Mobile brand which was re-branded to Ncell on 12 March 2010. Ncell is the largest ISP in Nepal with a subscriber base of nearly about 2 millions users. Ncell is a leading Telecom operator & one of the highest profit making company of Nepal.

What is the issue?

Telia Sonera announced its divestment of 60.4 percent Stake in Ncell to Malaysian Telecom Operator Axiata for USD 1.03 billion. It further announced that it will dissolve its interest in an additional 20 percent local ownership currently held by Niraj Govinda Shrestha and receives approximately USD 48 million. The deal is subject to the Regulatory approval both in Nepal and Malaysia.

But the Government authorities from the beginnings of the transfer talks  have been expressing confusion about whether to tax the transfer of 80 percent…

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